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The big news out of Warren Buffett's annual letter to Berkshire Hathaway shareholders is that he's finally picked a successor, reports the Wall Street Journal. He's just not saying who it is. Buffett, 81, also wrote that he is in "excellent health" and "isn't going anywhere" anytime soon. The lack of a definitive successor had been a worry for investors the last few years, notes the Journal. Buffett said the company has two back-up options if choice No. 1 doesn't take the job. Read the letter here.

Buffett has designated successors before, but not publicly named them. David Sokol was widely believe to be the heir apparent until he "resigned" in the wake of an insider trading scandal. I believe the one before was only about 10 years younger than Buffett himself, and has retired.